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The loss estimate does not include litigation or claims below the deductible. -
Paul Shedden joins from Sompo International, where he was head of portfolio design, pricing and analytics – global insurance.
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The cat bond market has a high level of exposure to Florida wind risk.
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The flooding is now the costliest nat cat event ever in Australia, with insured losses higher than Cyclone Tracy and Sydney Hailstorm in 1999.
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KCC has added a loading for litigation costs to the storm loss estimate for the first time.
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The Swiss ILS specialist pointed to potential impacts on Floodsmart, Florida indemnity and index-linked bonds.
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The broker’s global head of catastrophe management Dan Dick said that a realistic view on Ian’s loss suggests it would remain an earnings event for (re)insurers.
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RMS pushed the guidance for the Carolinas component of the Ian loss $120mn higher at the mean level up to $1.94bn, as it updated figures on Saturday in private figures to clients.
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Constraints in rebuilding supplies and contractors, inflation and post-event litigation will be key loss amplification drivers.
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Most of the losses will come from wind damage, while storm surge and inland flooding could account for up to $6.5bn in total.
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With an industry loss of less than $30bn, the cat bond segment can “shrug it off”, but a $50bn-plus loss would have major impacts, speakers suggested.
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Flagship sidecar funds run by Stone Ridge and Amundi Pioneer lost 12% and 5% respectively last week.
Most Recent
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Major loss Ian a crisis for ILS confidence
03 October 2022 -
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03 October 2022 -
AM Best revises American Family Mutual Insurance's outlook to negative
30 September 2022